Self isolation can be a daunting prospect for most business owner's who are used to being on the go. It's hardly what you feel like doing right now, when doom and gloom is being predicted for your business, it seems like now is the time to be out there, right? Wrong.
Yes, tough times are coming and yes, self isolation is a must for many, BUT self isolation does not mean that your business is left behind. There are some very important things you can and should do while the world is being forced to operate in a whole new way.
The following is a list of activities that will benefit your and your business and will ensure that you bounce back stronger than ever.
Sharpening the Saw
The most profitable asset that your business has is you, weather that is because of the expertise you bring to the table or because of the your leading, management and decision making skills. Take this time to develop the vital skills you need to run your business and become the best in your field. The late Stephen Covey, renowned business coach and author of The 7 Habits of Highly Effective People, describes sharpening the saw as those things we do to seek continuous improvement and renewal professionally and personally. He explains that one must never become so busy sawing (or running a business), that they don't make time to sharpen their saw (i.e. develop and improve the skills they need to be able to run a business successfully).
Sharpen the Saw means preserving and enhancing the greatest asset you have, you.
Stephen R Covey
There are so many options for online courses, ranging from training conducted by formal educational institutions which provide industry recognition, to free or low cost options delivered by experts through platforms such as Udemy and LinkedIn Learning.
What better time to reflect on your performance and plan for the future than now?
Look over your financial statements, how is your business tracking? What do your cash reserves look like? What debts and payments are you due to make? What sources of income and other payments are coming in?
This doesn't have to be scary and you don't have to do it alone. Have an online meeting with your accountant, who can help you:
By advising you of your entitlements to the various Federal and State benefits available to business owners through the economic stimulus plans that have been put in place over the last few weeks
Smooth your cash flow by determining exactly how much money is coming in and what needs to go out. They can liaise with suppliers and the taxation office to slow down payments or enter into payment arrangements and they can liaise with your bank to negotiate lower interest rates on loans or consolidate your debts to minimise charges.
Help you to prepare a budget for the coming months. Accountants can also advise on your eligibility for the government's incentive packages that would apply to any capital investment you make in the business, and they can reliably estimate the impact this would have on your tax liability.
Forecast your future (yes we can!). In many instances your accountant can work with you to estimate future profitability, potential tax liabilities and come up with strategies to fund business activities that need to go ahead during the downturn.
Integer Accounts is equipped to help, please contact us if you need help getting the financial side of your business in order.
We can all agree that right now, more than EVER, your business needs an online presence, because for many, that is the ONLY way people are going to be able to see you.
What does your business look like in the online world? Do you have a website? Can your target market find you on social platforms like Facebook or Instagram? What does your LinkedIn account look like? Do you have a blog?
Build your social presence by:
Create a business page on Facebook
Update your business and personal profile on LinkedIn
We have plenty of how to guide's coming up, which will give you step by step instructions on how to create an online presence using some of the sites listed above, so subscribe to our blog so you don't miss out.
Study your competition
Find the people that are doing what you dream of doing, that have reached the targets you are aiming for and create a marketing strategy that resembles theirs.
"If you want to be successful, find someone who has achieved the results you want and copy what they do and you'll achieve the same results"
As Tony Robbins notes, the best way to grow is to find someone who has already done it and use their methods! No need to reinvent the wheel. However, you know what makes your business unique, so it is essential to stay true to your own brand. Even if you are inspired by another success story, your branding should still reflect you & the core values of your business.
Get your business or personal things in order. Declutter, categorise, clean and store your possessions. Organise your physical paperwork, organise your office and create a system for your online files. Go paperless.
Organise your finances - look at your books and ensure your banks and credit cards are reconciled. Check supplier invoices are entered and review your accounts payable. Ensure you have billed all clients for work you have done, making sure that everything has been put into your accounting system, then review your accounts receivable to see what is due to come in. Send reminders to clients who have not paid yet.
It's ESSENTIAL to get your books in order now so that you can lodge Activity Statements and make claims for the various payments being made through the taxation office as part of the state and federal government economic stimulus plans. If you need help with this contact us.
Rest and take care of You!
Have healthy and easy to prepare meals and snacks ready. Read a book from your reading list or grab an old favourite. Practice gentle exercise. Pray. Meditate. Take a long relaxing bath. Turn your phone and TV off for a while. Watch a movie. Phone a friend. Rekindle or take up a hobby.
We're all in need of a little R&R, so remember while it is great to be productive and thinking about your business, its not healthy to be obsessing over it. Schedule time to do things for yourself, this is essential.
Remember, this too shall pass. Everything is temporary and by staying positive, continuing to build the things you can, giving yourself a break, staying grateful for what you have and hopeful for what is to come, you can come out of this stronger and better than ever. Integer Accounts aims to give our clients time, financial freedom and peace of mind. We provide premium virtual bookkeeping services, as registered BAS agents we take care of your compliance, and we provide our clients with tools and business insights to help them grow their profits. CONTACT US if you would us to become YOUR accounting team.